The recommendation for the usage of automated external defibrillators at public places has rapidly increased the adoption rate in the developed economies. Moreover, the rationalizing use of wearable cardioverter defibrillator (WCDs), accepted as temporary alternative or bridge to long-term ICD implantation is going to drive the market for external defibrillators.
Growth in focus toward public access defibrillator (PAD) by the public & private organizations, along with the key players, fuel the External Defibrillators Market growth. Other factors such as technologically advanced defibrillator devices, rapidly growing geriatric population with elevated risk of targeted diseases, and increase in incidence of cardiac diseases drive the market growth. However, frequent product recalls, increase in pricing pressure on players, and lack of awareness about sudden cardiac arrest (SCA) restrain the growth of this market.
The external defibrillators market is segmented based on product type and geography. On the basis of product type, the market is categorized into manual external defibrillator, automated external defibrillator (AEDs), and wearable cardioverter defibrillator (WCDs). Geographically, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, India, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Egypt, Israel, South Africa, and rest of LAMEA).
The impact of the driving factors is expected to surpass that of the restraints. Moreover, emergence of new technologies and increase in adoption of automated external defibrillators (AEDs) are anticipated to provide new growth opportunities in the near future.
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However, Asia-Pacific is projected to be the fastest growing region throughout the analysis period. Japan being the leader in the Asia-Pacific external defibrillator market, where the country contributes solely for the AEDs market share. This is mainly due to the rise in awareness regarding the early prevention of sudden cardiac arrest. Also, improvement in healthcare infrastructures and rise in expenditures in the emerging markets (such as India and China) to overcome the unmet medical needs in these countries boost the market growth. Technological advancements for cost-effective devices in these nations offer a lucrative opportunity for the defibrillator market growth.
Key Findings of External Defibrillators Market:
- In 2016, automated external defibrillators (AEDs) led the overall external defibrillator market revenue, and is projected to grow at a CAGR of 7.8% during the forecast period.
- The AEDs segment occupied the highest share in 2016, and is expected to grow at a CAGR of 12.8%, in terms of volume.
- North America was the leading consumer of external defibrillators in 2016, both in terms of value and volume, followed by Europe.
- Japan is expected to lead market in the Asia-Pacific region in 2016, growing at a CAGR 8.9% from 2017-2023.